Shares of Apple were down 3.5 percent in early trading today after a report surfaced this weekend that the company had cut component orders for the iPhone 5 on weaker-than-expected demand for the device. 

Citing people familiar with the matter, the Wall Street Journal said Apple dropped by half the number of iPhone 5 screens it ordered for the upcoming quarter. 

The iPhone recently captured 53.3 percent of smartphone purchases in the United States during the three month period that ended November 25, according to a report from Kantar Worldpanel ComTech. That's a big jump from the 35.8 percent in the same quarter a year ago. 

Globally, however, Samsung rules the smartphone game. According to IDC, Samsung currently controls 31.3 percent in of global market, while Apple has seen its share  drop from 23 percent in the fourth quarter of 2011, to just 14.6 percent today. 

Apple's iconic device has struggled to catch on in economies where carriers don't subsidize the device, which starts unlocked on Apple’s website for $649. Research firm IDC recently reported that Apple fell to the number six spot in market share in the third quarter in China, facing competition from lower-priced Chinese brands such as Lenovo and ZTE. 

Apple's stock has fallen dramatically in recent months, as investors worry about slowing growth and decreased margins. Since reaching an all-time high of over $700 in September, the company's stock has lost nearly a quarter of its value, sliding to below about $502 today.